TKY Ltd. has a machine costing $830,000 with the estimated useful life of 9 years and an estimated residual value of $20,000. TKY uses the straight-line method to depreciate its capital assets. The ledger shows a balance of $292,500 in the accumulated depreciation on December 31, 2021. The following transactions are related to the machine: 2022: March 1 TKY paid $7,500 to repair a broken part in the machine. Oct 2 2023: July 3 TKY paid $70,000 to replace the motor, as a result, the useful life of the machine has been extended for 3 more years. Required: TKY sold the machine for $520,000.